Delhi sees up to 27 per cent vacancy in office spaces: Report | delhi | Hindustan Times
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Delhi sees up to 27 per cent vacancy in office spaces: Report

delhi Updated: Oct 08, 2009 20:19 IST

Up to 27 per cent of office spaces at some places in the National Capital are lying vacant due to over supply and higher rentals, a report by realty consultant CB Ricard Ellis said.

Many secondary business districts, like Nehru Place, did not see any major transactions due to increased supply, congestions related to metro constructions and relatively higher rentals, the report said, adding that Nehru Place's vacancy level was estimated in the range of 12-14 per cent.

"Saket District Centre maintained a status quo with respect to attracting interest from prospective tenants and approximately 25-27 per cent of available office space is still lying vacant in this micro market due to problems associated with low infrastructure development," it added.

CBRE said the rentals were, however, more or less stable across the National Capital Region in July-September.

"The last quarter of the year is not expected to witness much demand from the IT/ITeS sectors, as a result of which a recovery in IT real estate is expected to be a few quarters away," the report said.

In Mumbai, rentals are expected to remain under pressure over the short to medium term with increased vacancy levels as new supply hits the market. "As a result of continued construction activity, over 3.5 million sq ft of new supply would be added to the external business district by 2010."